As recently many people have emailed me asking details about best forex bonuses, today I write this article in terms of aspects relating to forex bonuses. Now let go through 6 aspects I would like to share with you.
1. How many kinds of forex bonuses?
Generally, there are 3 main kinds of forex bonuses. The first one is Welcome bonuses (or non-deposit bonuses) which are the bonuses offered by brokers to new registrations. In order to get new registers from new traders or competitors’ clients, brokers can offer from $30 – $50 welcome bonus for the first time registering. As normal, this type of bonus attracts lots of beginners or bonus cheaters. For beginners, they use this bonus to test the broker’s trading conditions and also to try their trading strategies. For bonus cheaters, they create as many accounts as possible to get these free bonuses, then trade and withdraw the profit. Secondly, Deposit bonuses are the amount of money you will get when depositing. These bonuses are usually calculated based on percentages of deposit amount. For example: 20%, 50%, or 100% of the total deposit. Brokers want to offer this types of forex bonuses to encourage traders to deposit more or reactivate their accounts if they have stopped trading for a long time. Some brokers offer this bonus for the first time depositing as well. Lastly, Lot back bonuses are for the loyalty program. When you finish 1 lot/transaction, brokers will rebate an amount of money to your account automatically. The rebating amount will depend on your trading currencies, account types, and trading time. This is the most popular bonus program because professional traders are fond of it. This bonus will minimize transaction cost. For example: XM’s spread for EUR/USD is 1.4 pip, and they will lot back $3 for each completed trading lot. It means you only pay $11 for each EUR/USD lot instead of $14 of the original spread.
2. What is the downside of each bonus?
It cannot be denied that everything around us has two sides which are advantages and disadvantages, so do these 3 types of forex bonuses. However, in this article, I will only mention the disadvantages of them. In terms of Welcome bonuses, although it’s free, free is usually not good in this field. The first reason is that $50 is too little, as an investor or a trader, you must look at a bigger amount. Moreover, the withdrawal conditions will become very difficult and most of brokers who offer welcome bonuses are new brokers, who are usually not reliable. Like Welcome bonuses, the withdrawal conditions of Deposit bonuses are also very difficult because when you withdraw profit, your forex bonuses will be lost in some cases. As regarding Lot back bonuses, it’s only good if you invest in a lot of money because they only rebate you for each completed trading lot. As usual, it takes you really long time to finally get some profit in trading.
3. Is it impossible for us to withdraw forex bonus profit?
Honestly, many people wonder if we can withdraw forex bonus profit. The answer is that it depends on bonus withdrawal conditions. If you complete a certain number of trading lots, some brokers will allow you to withdraw bonuses. Let me give you an example, to withdraw $50 bonus, you have to complete at least 10 lots. When you register or deposit in 1 lot, they will deposit bonuses to your account instantly and let you trade. If you win, you only can withdraw that bonus when you have completed up to 10 lots. In contrast, some brokers don’t allow you to withdraw bonus, but you can still withdraw the profit. It will be much easier if brokers allow you withdraw bonus profit without any conditions. In case they ask for a certain number of completed lots, it is very difficult to withdraw. You even have to pay more than the bonus value to complete those required lots.
4. Good bonuses and low spread, which one is better?
From my point of view, forex bonuses are good. However, it’s not the most important factor when choosing a best forex broker, it is the credibility. Therefore, I will show you steps to choose a good bonus. The first one is listing down 5 best brokers which are suitable for you, then choosing the best forex brokers that have good bonus program. Of course, these brokers are very good, but if they have bonuses, it is much better. Finally, trading and getting bonuses.
5. What is top 4 good forex bonuses?
Based on above criterions, these are 4 best forex bonuses I want to recommend for you:
Best welcome bonus: 30$ welcome bonus of XM. Click here to see more.
Best welcome bonus: 50$ welcome bonus of FBS. Click here to see more.
Best deposit bonus: 100% deposit bonus of XM. Click here to see more.
Lot Back Bonuses: Rebate 2 – 16$ per lot of Exness. Click here to see more.
6. How to cheat forex bonuses?
In fact, you can only hack welcome bonuses and today I will refer to two popular methods to cheat these bonuses. Firstly, the traders need to create many new accounts in order to get welcome bonuses. After that, they hedge 2 accounts together, which means one account will win and one account will lose. So, they will get 50% chance of winning. This cheating way can only be applied to brokers who allow you to withdraw bonus profit without any conditions. Secondly, the cheaters also open many new accounts to get welcome bonuses, then, they use the high leverage to open very big positions. They also need to hedge them with other accounts to make sure the winning rate is 50%.
To sum up, before getting the best forex bonuses, you should understand clearly the essence of them so that you can decide which one is the most suitable for you. That is the reason why I write this article, with useful information I provide you above, I believe that you can choose the best forex bonuses.